Common use of Additional Facility Clause in Contracts

Additional Facility. In relation to the financing of Rig 2 and/or Rig 3, but always at the option of the TOO Group, the Borrower and/or any other member of the TOO Group agrees to: (a) enter into a Restatement (and the Facility Beneficiaries shall use reasonable endeavours to agree to the terms of a Restatement); or (b) if it is unable to agree on a Restatement and intends to enter into an Additional Facility, procure that it will not enter into such Additional Facility, unless each of the Security Parties, the Facility Beneficiaries and the parties to the Additional Facility have entered into an intercreditor agreement in form and substance satisfactory to the Facility Beneficiaries and GIEK, together with any amendments in relation to the Facility Documents and, in each case, based on the Additional Facility Principles, and without payment of additional fees (payable for the account of the Facility Beneficiaries and/or GIEK in respect of the Vessel and/or the Loan) by the Security Parties.